"Based on data to-date, we believe 'Turbo' will be a profitable film for us," Katzenberg said on the company’s second quarter earnings call.

The $127-million dollar movie opened to just $31.2 million over its first five days, below what the company had expected. Katzenberg blamed increased competition in the animation industry, saying that the number of major animation releases this summer was unprecedented.

"It was just a bad date," Katzenberg said. "We've seen more animation this summer by maybe 100% then ever before."

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